Saturday, November 9, 2013

Forex reserves fall to $281.29 bn (Foreign currency assets, a key component of reserves fell by $894 million to $253.61 billion)

Foreign-exchange reserves (also called forex reserves or FX reserves) are assets held by central banks and monetary authorities, usually in different reserve currencies, mostly the United States dollar, and to a lesser extent the euro, the United Kingdom pound sterling, and the Japanese yen, and used to back its liabilities, e.g., the local currency issued, and the various bank reserves deposited with the central bank, by the government or financial institutions.

India's foreign exchange reserves fell in the week ending November 1 by $1.66 billion to $281.29 billion, show Reserve Bank of India (RBI) data released on Friday.

Foreign currency assets, a key component of reserves, fell by $894 million to $253.61 billion.

Gold reserves dropped by $538 million to $21.23 billion. For the week under review, the Special Drawing Rights (SDRs) fell by $46.9 million to $4.42 billion, while India's reserve position with the International Monetary Fund was down by $177.9 million to $2.03 billion.


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